格林大华期货早盘提示：股指-20251107

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - The main indices of the two stock markets rose rapidly after the opening on Thursday, with the Shanghai Composite Index returning to above 4,000 points, and the chip sector leading the gains. The trading volume increased as the market rose, indicating strong market sentiment. [1] - China is expected to win the AI competition due to a more favorable regulatory environment and lower energy costs, according to NVIDIA CEO Jensen Huang. The US is planning or building data center projects with a total capacity of over 45 gigawatts and an expected investment of over $2.5 trillion, which will drive up demand for energy and related equipment. [1][2][3] - The structural migration of Chinese capital into stocks may have begun, driven by potential asset reallocation of trillions of dollars. Chinese stocks are becoming more attractive to global investors due to the need for asset diversification. [3] - A stable stock market can inject more capital into the real economy and boost consumption through wealth, psychological, and expectation effects, strengthening the internal circulation of the economy. [3] Summary by Directory Market Review - On Thursday, the trading volume of the two markets reached 2.05 trillion yuan. The CSI 300 Index closed at 4,693 points, up 66 points or 1.43%; the SSE 50 Index closed at 3,044 points, up 36 points or 1.22%; the CSI 500 Index closed at 7,345 points, up 116 points or 1.61%; and the CSI 1000 Index closed at 7,551 points, up 86 points or 1.17%. [1] - Among industry and theme ETFs, semiconductor - related ETFs led the gains, while film and television, tourism, and building materials ETFs led the losses. Among sector indices, home appliance parts, industrial metals, and semiconductors led the gains, while forestry, radio and television, and tourism led the losses. [1] Important Information - The Central Financial Office stated that finance should increase support for major strategies, key areas, and weak links to achieve the key strategic tasks of the 15th Five - Year Plan. A science and technology finance system needs to be established to support innovation. [1] - The capital market should enhance its inclusiveness for new industries, new business models, and new technologies to promote the development of new productive forces and build a capital market ecosystem that encourages long - term investment. [1] - NVIDIA CEO Jensen Huang believes China will win the AI competition due to a more favorable regulatory environment and lower energy costs. [1][2][3] - The US EIA expects US electricity consumption to reach record highs in 2025 and 2026, driven by AI and data center expansion. Goldman Sachs predicts that by 2030, AI data centers will increase global electricity demand by 175% compared to 2023. [1] - AMD's Instinct MI308 AI chip has obtained an export license to China, strengthening the logic of domestic substitution in data center construction. [1] - XPeng's humanoid robot features a bionic structure and is equipped with a self - developed physical world large - model. [2] - Grid investment is increasing, and power equipment companies have stable orders. Overseas power infrastructure is upgrading, and some companies are accelerating the layout of new power equipment. [2] - 17 silicon material enterprises plan to form a consortium in 2025 to acquire the production capacity of other silicon material enterprises. [2] - A price increase storm of storage chips is sweeping Shenzhen Huaqiangbei due to the shift of global storage giants' production capacity to more profitable products, leading to a sharp decline in the supply of traditional DDR4. [2] - US data centers are purchasing solid oxide fuel cells, small natural gas turbines, and reciprocating engines. [2] - The US Treasury is considering increasing the auction scale of interest - bearing and floating - rate Treasury bonds. [2] - Deutsche Bank is evaluating options to hedge risks, including short - selling AI - related stocks and using synthetic risk transfer derivatives. [2] - New York City elected a "democratic socialist" mayor, which may lead to corporate out - migration due to wealth redistribution policies. [2] Market Logic - The main indices of the two markets rose rapidly on Thursday, with the Shanghai Composite Index returning to above 4,000 points and the chip sector leading the gains. ETFs have seen significant growth in scale this year. [1][2][3] - The US is actively developing data centers, and China is expected to win the AI competition. Goldman Sachs is optimistic about Chinese stocks. [2][3] 后市展望 - The Shanghai Composite Index quickly returned to above 4,000 points, exceeding expectations. The market is in a large - scale oscillation range, with a slow - bull trend. Caution is needed around the previous high of 4,025 points. [3] - China's capital may be migrating to stocks, and Chinese stocks are attracting overseas investors. A stable stock market can boost the economy and consumption. [3] Trading Strategies - For futures direction trading, due to the market being in a large - scale oscillation range with a slow - bull trend, be cautious around the previous high of 4,025 points. Allocate long positions in stock index futures mainly based on the CSI 300 Index. [3] - For stock index option trading, as the stock index is in a large - scale oscillation range, take a wait - and - see attitude towards long - term deep - out - of - the - money call options. [3]